Concord Wealth Partners Raises Position in Amgen Inc. (NASDAQ:AMGN)

Concord Wealth Partners raised its holdings in shares of Amgen Inc. (NASDAQ:AMGN) by 10.1% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 9,915 shares of the medical research company’s stock after acquiring an additional 911 shares during the quarter. Concord Wealth Partners’ holdings in Amgen were worth $3,089,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other large investors also recently modified their holdings of AMGN. Vanguard Group Inc. boosted its holdings in Amgen by 0.6% in the 4th quarter. Vanguard Group Inc. now owns 52,721,795 shares of the medical research company’s stock worth $13,741,409,000 after buying an additional 339,522 shares during the period. Geode Capital Management LLC lifted its stake in Amgen by 2.9% in the 4th quarter. Geode Capital Management LLC now owns 12,475,032 shares of the medical research company’s stock worth $3,245,881,000 after purchasing an additional 352,143 shares in the last quarter. Capital International Investors lifted its stake in Amgen by 40.1% in the 4th quarter. Capital International Investors now owns 12,212,065 shares of the medical research company’s stock worth $3,182,843,000 after purchasing an additional 3,495,503 shares in the last quarter. Capital World Investors lifted its stake in Amgen by 1,292.0% in the 4th quarter. Capital World Investors now owns 6,495,710 shares of the medical research company’s stock worth $1,693,042,000 after purchasing an additional 6,029,058 shares in the last quarter. Finally, Northern Trust Corp lifted its stake in Amgen by 15.8% in the 4th quarter. Northern Trust Corp now owns 6,431,029 shares of the medical research company’s stock worth $1,676,183,000 after purchasing an additional 875,254 shares in the last quarter. Hedge funds and other institutional investors own 76.50% of the company’s stock.

Amgen Stock Performance

AMGN opened at $299.02 on Thursday. The firm has a market capitalization of $160.79 billion, a PE ratio of 27.28, a PEG ratio of 2.64 and a beta of 0.49. Amgen Inc. has a twelve month low of $253.30 and a twelve month high of $346.85. The firm’s 50-day moving average price is $284.80 and its 200 day moving average price is $288.65. The company has a current ratio of 1.17, a quick ratio of 0.88 and a debt-to-equity ratio of 8.70.

Amgen (NASDAQ:AMGN) last posted its earnings results on Thursday, May 1st. The medical research company reported $4.90 earnings per share for the quarter, beating the consensus estimate of $4.18 by $0.72. The company had revenue of $8.15 billion for the quarter, compared to analyst estimates of $8.05 billion. Amgen had a net margin of 17.39% and a return on equity of 176.11%. Amgen’s revenue was up 9.4% on a year-over-year basis. During the same period in the previous year, the business posted $3.96 EPS. As a group, sell-side analysts expect that Amgen Inc. will post 20.62 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

Several analysts have commented on the stock. Mizuho boosted their price target on shares of Amgen from $235.00 to $280.00 and gave the stock a “neutral” rating in a research note on Wednesday, May 7th. UBS Group restated a “neutral” rating and set a $315.00 target price (down from $319.00) on shares of Amgen in a research report on Friday, May 2nd. Morgan Stanley restated an “equal weight” rating on shares of Amgen in a research report on Friday, May 2nd. William Blair restated an “outperform” rating on shares of Amgen in a research report on Tuesday, June 24th. Finally, Erste Group Bank cut shares of Amgen from a “strong-buy” rating to a “hold” rating in a research report on Thursday, May 8th. Two equities research analysts have rated the stock with a sell rating, twelve have assigned a hold rating, eight have assigned a buy rating and two have issued a strong buy rating to the company’s stock. According to MarketBeat, the company currently has an average rating of “Hold” and an average price target of $307.82.

Insiders Place Their Bets

In other Amgen news, SVP Rachna Khosla sold 1,500 shares of the business’s stock in a transaction dated Thursday, June 5th. The shares were sold at an average price of $289.68, for a total value of $434,520.00. Following the transaction, the senior vice president directly owned 8,162 shares in the company, valued at $2,364,368.16. The trade was a 15.52% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. 0.76% of the stock is owned by insiders.

About Amgen

Amgen Inc discovers, develops, manufactures, and delivers human therapeutics worldwide. The company's principal products include Enbrel to treat plaque psoriasis, rheumatoid arthritis, and psoriatic arthritis; Otezla for the treatment of adult patients with plaque psoriasis, psoriatic arthritis, and oral ulcers associated with Behçet's disease; Prolia to treat postmenopausal women with osteoporosis; XGEVA for skeletal-related events prevention; Repatha, which reduces the risks of myocardial infarction, stroke, and coronary revascularization; Nplate for the treatment of patients with immune thrombocytopenia; KYPROLIS to treat patients with relapsed or refractory multiple myeloma; Aranesp to treat a lower-than-normal number of red blood cells and anemia; EVENITY for the treatment of osteoporosis in postmenopausal for men and women; Vectibix to treat patients with wild-type RAS metastatic colorectal cancer; BLINCYTO for the treatment of patients with acute lymphoblastic leukemia; TEPEZZA to treat thyroid eye disease; and KRYSTEXXA for the treatment of chronic refractory gout.